Document Agreement
In brief, the agreement had two provisions: 1) the brokers were to deal only with each other, thereby eliminating the auctioneers, and 2) the commissions were to be 0.25%. It reads as follows:
| “ | We the Subscribers, Brokers for the Purchase and Sale of the Public Stock, do hereby solemnly promise and pledge ourselves to each other, that we will not buy or sell from this day for any person whatsoever, any kind of Public Stock, at a less rate than one quarter percent Commission on the Specie value and that we will give preference to each other in our Negotiations. In Testimony whereof we have set our hands this 17th day of May at New York, 1792. | ” |
Read more about this topic: Buttonwood Agreement
Famous quotes containing the words document and/or agreement:
“What is a diary as a rule? A document useful to the person who keeps it, dull to the contempory who reads it, invaluable to the student, centuries afterwards, who treasures it!”
—Ellen Terry (1848–1928)
“Culture is the tacit agreement to let the means of subsistence disappear behind the purpose of existence. Civilization is the subordination of the latter to the former.”
—Karl Kraus (1874–1936)
Related Phrases
Related Words